Tuesday, November 18th, 2025

The ES1 Index (Generic 1st Month S&P 500 E-mini) lost 94bps during yesterday’s session, closing on the lower Bollinger Band (ref 6686) at 6692.  While momentum and trend have been choppy and negative over the past two weeks, the index currently seems unwilling to break below the 6650 level.  Additionally, both my spot VIX and VIX Term Structure models are neutral.  I remain concerned with the recent fade in both price and internals.  I also remained focused on the 6730 level, short bias below and long bias above.

Trade Support:

6753: 50dma

6540: Oct 10 low

Trade Resistance:

6817: 20dma

6900: Nov 12 High

7050: Measure Move from Consolidation

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